Chapter 13 Bankruptcy

Understanding The Basics Of Debt Collection And Bankruptcy

Call: 888-297-6203 Personal bankruptcy can be filed under chapter 7 (liquidation) or chapter 13 (repayment plan). All your non-exempt property is liquidated in the former, and unsecured nonpriority debts like credit card debt, medical bills, personal loans, etc., are discharged. In chapter 13, the debts are reorganized and paid through a 3-5 years repayment plan. The secured, priority, and unsecured non-priority creditors are paid in that order. The bankruptcy filing puts an automatic stay in place, which prevents any type of collection action by creditors. Car loans and mortgages are secured debts. The creditors can repossess the property [...]

2023-04-21T12:20:53+00:00
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All You Need To Know When Filing For Bankruptcy Under Chapter 13 – The Frequently Asked Questions

Call: 888-297-6203 If you are falling behind on your payments majorly, bankruptcy is the best bet. Here you can catch up on your arrears and manage your debts in a structured manner. Given below are the commonly asked questions before foiling forb bankruptcy under chapter 13 – What is the procedure to file for chapter 13 bankruptcy? The first and foremost step while filing for bankruptcy is the credit counseling meeting. This must be taken within 180 days prior to filing for bankruptcy. Once you have the certificate, you can apply for bankruptcy, pay the fees and submit [...]

2023-04-21T12:17:27+00:00
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The Commonly Asked Questions (FAQ) Regarding Chapters 7, 13 And 11

Call: 888-297-6203 The most commonly asked questions related to bankruptcy include – Can anyone file for bankruptcy? – yes, anyone except a business entity can file for bankruptcy. What are the prerequisites for hiring an attorney – the most important factor is his specialization. The attorney must have expertise in bankruptcy law. What do you mean by credit counseling? – credit counseling course is of utmost importance before filing for bankruptcy. If you do not attend the same, your case may get dismissed in the initial phase only. You can get the list of agencies providing the course [...]

2023-03-30T11:39:52+00:00
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Who All Are Eligible To File For Chapter 13 Bankruptcy?

Call: 888-297-6203 When you file for419 bankruptcy, it is important that you meet the criterion and requirements required to file under the chapter. When you file for bankruptcy under chapter 13, you do not have to surrender any property, instead, you will have to pay your existing debts under a repayment plan of 3-5 years. The criterion for filing under chapter 13 You are an individual and not a business entity. Only individuals are permitted to file for bankruptcy under chapter 13. You are not restricted to file due to your previous bankruptcy. If you have already filed [...]

2023-06-05T12:26:57+00:00
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Chapter 13- Reorganization Bankruptcy

Call: 888-297-6203 Chapter 13 is also known as reorganization bankruptcy and unlike chapter 7 liquidation bankruptcy, here you don't have to sell off your non-exempt properties in return for debt relief.  In a reorganization bankruptcy, you can keep all of your properties and repay some of the debt following a structured repayment plan showing how you are going to do so from your disposable income. Eligibility To file for chapter 13 bankruptcy you will be required to show that you are capable of paying back your debt but if your income is too low or irregular then you [...]

2023-06-05T12:24:36+00:00
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What Is Chapter 7 Debt Discharge?

Call: 888-297-6203 In chapters 7, 11, 12, and chapters 13 of the US bankruptcy code, some or all of your debts are discharged, that is you will not be liable to pay it back and the creditors you owe like the credit card company or hospitals will not be able to take collection actions against you. You are no longer liable for the debt as it is permanently discharged by the bankruptcy court. How does the court discharge your debt of not taking your money?  They give you debt relief in turn for your non-exempt properties. Chapter 7 [...]

2023-03-30T11:44:19+00:00
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Why You Must Opt For Chapter 7 Compared To Chapter 13 When Filing For Bankruptcy

Call: 888-297-6203 If given an option, most people prefer to file for bankruptcy under chapter 7 as compared to chapter 13. This is because, chapter 7 helps discharge most unsecured debts like medical bills, credit card bills as well as personal loans. Benefits of filing for bankruptcy under chapter 7 Also known as the liquidation bankruptcy, not everyone can qualify under this chapter. In order to qualify, you must pass the Means test (which is determined by calculating your income, which must be lower than the state median income). Moreover, even if you do qualify, to get your [...]

2023-05-30T13:27:50+00:00
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Can Wage Garnishments Be Stopped By A Bankruptcy Filing?

Call: 888-297-6203 One of the worst things that could happen when you are already struggling with financial problems is having your wages garnished by the creditors. If you are behind on your payments, your creditors can obtain an order from the court. This orders your employees to send some part of your paycheck directly to the creditors, leaving you with a reduced income to pay for your essential expenses and other debts. Wage garnishment can happen for different kinds of debts, including medical bills, alimony, child support, credit card debt, student loan, personal loan, taxes, etc. Before obtaining [...]

2023-05-30T13:13:13+00:00
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All You Need To Know About Chapter 7 Bankruptcy Rules

Call: 888-297-6203 When you file for bankruptcy, the common chapters under which you can file are chapter 7 and Chapter 13. Chapter 7, also known as liquidation bankruptcy, helps you to discharge and erase most of the debts, while chapter 13 which is also known as the repayment plan, helps to organize all your dents into a systematic repayment plan without selling off any assets. How to qualify for Chapter 7 Depending on the state that you reside in or file for bankruptcy, the rules for qualification may vary slightly. To qualify for Chapter 7 bankruptcy, your income [...]

2023-05-30T13:20:54+00:00
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Can You Get Rid Of Your Credit Card Dues If You File For Bankruptcy?

Call: 888-297-6203 Yes, in most cases, unsecured debts like credit card bills, medical bills, and personal loans are discharged when you file for bankruptcy under chapter 7. Not only are they discharged, but also, when you file for bankruptcy, you get an automatic stay, which prevents all creditors from making any collection attempts or harass you in any way. However, not all loans get discharged. Few loans like domestic support obligations and student loans must still be paid in full even after filing for bankruptcy. Processing all kinds of discharge takes about 2-6 months. Credit Card Management – [...]

2023-05-30T13:19:55+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.